Nigeria Manufacturing PMI Hits 55.9 Points in November

By Dipo Olowookere

The manufacturing industry in Nigeria has continued to show growth in the past months as the country’s economy continue to grow after officially moving out of recession in the second quarter of this year.

The Purchasing Managers’ Index (PMI) of the sector, according to data released by the Central Bank of Nigeria (CBN), recorded another growth in the month of November 2017.

The manufacturing PMI stood at 55.9 index points indicating expansion in the sector for the eight consecutive months.

Business Post gathered that 12 of the 16 subsectors reported growth in the review month in the following order: petroleum & coal products; printing & related support activities; computer & electronic products; textile, apparel, leather and footwear; and plastics & rubber products.

Others are food, beverage & tobacco products; non-metallic mineral products; chemical & pharmaceutical products; furniture & related products; paper products; cement and primary metal.

The electrical equipment sector remained unchanged, while the appliances & components; fabricated metal products and transportation equipment sectors contracted in the review month.

At 59.3 points, the production level index for the manufacturing sector grew for the eighth consecutive month in November 2017.

The index indicated an increase in production in the current month, when compared to its level in the preceding month.

Ten of the 16 manufacturing subsectors recorded increase in production level, 4 remained unchanged, while the remaining 2 recorded declines in production during the review month.

Also, the composite PMI for the non-manufacturing sector stood at 57.6 points in November 2017, indicating growth in the Non-manufacturing PMI for the seventh consecutive month.

Fifteen of the 18 non-manufacturing subsectors recorded growth in the following order: agriculture; public administration; utilities; health care & social assistance; finance & insurance; educational services; water supply, sewage & waste management; transportation & warehousing; repair, maintenance/washing of motor vehicles…; arts, entertainment & recreation; information & communication; wholesale trade; real estate, rental & leasing; accommodation & food services and electricity, gas, steam & air conditioning supply.

The management of companies; construction and professional, scientific, & technical services sub sectors recorded contraction in the review period.

At 59.4 points, the business activity index grew for the eighth consecutive month, indication growth in business activity in November 2017.

It was observed that the index grew at a faster rate, when compared to its level in the previous month.

Fifteen subsectors recorded growth in business activity, while 3 declined in the review month.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

more recommended stories

%d bloggers like this: